25/06/2012 - 15:35

Green Rock gains $5.4m grant for geothermal power

25/06/2012 - 15:35

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Green Rock gains $5.4m grant for geothermal power

Perth-based renewable energy firm Green Rock has won $5.38 million in state government funding to put towards the development of its Mid West geothermal power project.

Green Rock announced today that its application for Low Emissions Energy Development (LEED) funding  was successful.

Green Rock chairman Richard Beresford said the funding was a substantial step towards commercialising the geothermal resources in the company’s Mid West exploration permits.

He said the success under the LEED grants program would strengthen Green Rock’s case to receive more funds under the federal government’s Emerging Renewables Program.

“We consider our project to be a strong contender for the Commonwealth’s emerging renewables funding and our objective is to have the majority of at least the first well costs covered by LEED and Emerging Renewables funds,” Mr Beresford said.

“This would address the lack of private investor appetite in Australia for the drilling necessary to demonstrate commercial production of geothermal energy.

“However, once demonstrated in the Mid West, we are confident that industry and utility investors will recognise the value of the very large geothermal resource and its proximity to existing power infrastructure and a rapidly growing energy market.

Green Rock is seeking to develop the Mid West geothermal power project in an alliance with Pacific Hydro.

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